Grand Savings Bank welcomes new board

by The City Wire staff ( 209 views 

Grand Savings Bank of Grove, Okla. has seated a new board of directors following a recent buy-out.

An investor group led by Guy Cable and Tyler Steel purchased the bank as it was divested from Peterson Holding Company, after Chambers Bank acquired its sister institution – Decatur State Bank.

Cable said the new board plans to expand the bank’s footprint into Arkansas in the coming months, once regulators approve a branch in Bentonville.

The new owners include: Anthony and Suzanne Steele, Rex and Carolyn Grimsley, Gary and Jan Anderson, Guy and Eiizabeth Cable, Kirby and Robyn Lane, Tyler and Patricia Steele and Roland and Betty Julian.

Grand Savings earned $475,000 in the first quarter of 2013, with a strong balance sheet and $22.5 million in equity capital, according the bank’s March 31 call report with the Federal Deposit Insurance Corp.

The bank reported $232.8 million in assets at the end of the recent quarter.